NEOMETALS LTD — Regulatory Filings 2004

Nov 24, 2004

MT FINNERTY IRON ORE UPDATE

Further geological mapping and sampling of banded iron formations (BIF) has located another zone of potential iron ore to the south of Mt Finnerty and about 10 km north of the initial discovery of iron enrichment adjacent to the Trans-Australian Railway (announced on 16 September 2004).

Assays of between 58.5 and 65 % Fe have been recorded in surface samples of iron enriched BIF over a strike length of at least 4 km, commencing about 1 km south of Mt Finnerty. The width of iron enrichment is not known but an interpretation of aeromagnetic data indicates good continuity of the BIF in the area sampled.

Repeat sampling of the iron enrichment adjacent to the railway line has confirmed the high assays with 60-61 % Fe, compared with 58-60 % in the initial rock-chip channel samples.

The latest sampling indicates that the iron-enriched BIF at both locations contains relatively low levels of deleterious elements such as aluminium. silicon and manganese, and particularly very low phosphorous levels with most samples containing less than 0.08% P and a maximum of 0.11 % P.

Both iron enriched BIF locations are in low-lying areas where BIF had not previously been mapped or sampled and further work is planned to cover the intervening ground where BIF units have been interpreted from aeromagnetic survey data prior to reconnaissance drilling planned for early 2005.

STRATEGIC ALLIANCE

The Company has been advised by Consolidated Minerals Ltd that it does not wish to participate in a joint venture for iron ore at Mt Finnerty or titanium at Barrambie but retains its right to form a joint venture for nickel over the Mt.Finnerty Project.

David Reed EXECUTIVE CHAIRMAN

Technical aspects of this announcement have been compiled by Dr.Peter Colline MAIG. Dr Collins has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being reported on to qualify as a Competent Person as defined in the 1999 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Dr Collins consents to the inclusion in the announcement of the matters in the form and context in which it appears.